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My Funded FX Review 2024

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My Funded FX Review 2024
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Your Capital is at risk.

Investing and trading in financial markets such as the stock exchange, forex, digital currencies in the form of spot or with leverage face a high inherent risk. According to the statistics of all exchanges and brokers, more than 75% of people lose!

Overview
Company:My Funded FX
Founded:2022
Headquarter:US
Min Price:$38
Max Fund:$1,500,000
Challenges:5
About
My Funded FX is a prop firm providing opportunities for retail traders to enter the market with significant capital and earn more profits. The firm was founded in May 2022 by Matt Leech in US. My Funded FX offer traders up to $400,000 in real trading funds.
Contact
700 Crescent Court Unit, 100 Dallas TX, 75201.
Rank and Score
Pros and Cons
Withdrawal Payments
Instruments
Pros
Access to significant trading capital (up to $300,000)
Decent 80% profit-sharing arrangement
Scaling plan to increase account size based on performance
Flexible pricing structure with low-cost entry options
Cons
Limited payment methods
Relatively new company (established in 2022)
News trading restrictions for some accounts

"When transparency is #1 priority" is the first phrase you see when you visit the My Funded FX official website. This prop firm has made it possible to start by paying only $38 on DXTrade and MatchTrade platforms, which is considered a low and favorable figure and is attractive to many traders. Also, this prop firm's scaling plan goes up to $1.5M. To find out more details, follow the rest of this review.

My Funded FX Company Information

My Funded FX prop firm
My Funded FX prop trading firm features and specs review

My Funded FX is a United States-based proprietary trading firm headquartered in Dallas, Texas that has been operating since its inception in 2022. Led by CEO Matthew Leech, the company has quickly established itself as a player to watch in the prop trading space.

Summary Table

As with the other review articles, we have prepared a table to show a summary of the firm's specifics:

Account currency

USD, EUR

Minimum price

$38

Maximum leverage

1:100

Maximum profit split

Up to 80%

Instruments

Forex, Metals, Indices, Crypto, Commodities

Assets

+175

Evaluation steps

Up to 3 steps

Withdrawal methods

Credit/Debit card, crypto

Maximum fund size

$300,000 (up to $1.5M through scaling)

First profit target

10-8-6% (subject to the account)

Max. Daily loss

From 2%

Challenge time limit

No limits

News trading

Yes (on some conditions)

Maximum total drawdown

Up to 10%

Trading platforms

DXTrade, MatchTrade

Commission per round lot

From $0

Trust pilot score

4.2 out of 5

Payout frequency

Every 2 weeks

Established country

United States

Established year

2022

Pros & Cons

Let's take a closer look at the advantages and potential drawbacks of trading with My Funded FX:

Benefits

Drawbacks

Access to significant trading capital (up to $300,000)

Relatively new company (established in 2022)

Decent 80% profit-sharing arrangement

Limited payment methods

Flexible pricing structure with low-cost entry options

News trading restrictions for some accounts

Scaling plan to increase account size based on performance

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Funding and Prices

My Funded FX offers a range of account sizes to suit different trader preferences and skill levels. Here's a breakdown of their funding options and pricing:

  • Account Sizes: $5,000 to $300,000
  • Pricing: $38 to $1399 (before discounts)
  • Profit Split: 80% for traders
  • Maximum Scaling: $1.5 million or 5x initial balance

Key Features:

  • Copy Trading prohibited
  • News trading permitted (on some conditions)

How to Register and Verify on My Funded FX

Getting started with this prop firm is the first thing you consider before trading on it. Here's a step-by-step guide to the account registration and verification:

  1. Visit the My Funded FX website and click on the "Sign Up" or "Get Started" button.
My Funded FX registration form
Enter your personal details according to the screenshot
  1. Enter your personal information, including name, and email, and create a password in the registration form.
  2. In the next form, log in to your new account by entering your email address and password.

For verification, first you need to pass all the phases to get an eligible sim funded account. Afterwards, you need to prepare and submit the required documents for account verification.

Evaluation Phases

My Funded FX offers five evaluation models: 1-Step, 1-step max, 2-Step, 2-step max, and 3-step challenges. At the table below, we will see a comparison of each model's features and specifications:

Specs

1-step

1-step max

2-step

2-step max

3-step

Min. profit target

10%

8%

8-5%

10-5%

6%

Max. Daily loss

4%

2%

5%

5-4%

4%

Max. Drawdown

6%

2%

8%

10-8%

8%

Min. Days

1 day

-

1 day

-

1 day

Key Points:

  • No time limits on trading
  • Scaling plan available after successful completion

Bonuses and Discounts

Some prop firms provide bonuses on signing up, depositing, and other conditions to attract new traders. Currently, My Funded FX does not offer any bonuses and promotions for traders.

However, there are discount codes available on third-party websites which could give you an edge in challenges. Here are some promo codes for the mentioned firm:

  • JULY10
  • ZEUBI1254
  • WINMFX

We do not know whether these codes work. Therefore, you should check them out for yourself. You can also check the official website and social media pages for occasional code releases.

Trading Platforms

My Funded FX utilizes 2 trading platforms for providing services to users. The firm's platforms are as follows:

  • DXTrade: Available on Android, iOS, and web
  • MatchTrade: Accessible through Android, iOS, and browsers

You can use either of these 2 for trading and passing challenges and phases on My Funded FX.

Available Instruments and Symbols

My Funded FX instruments & symbols
My Funded FX tradable instruments and markets overview

My Funded FX offers a decent range of tradable instruments to suit various trading strategies:

  • Forex: significant and popular currency pairs
  • Metals: Gold, Silver, Platinum, Palladium
  • Commodities: Oil
  • Indices: Major global indices
  • Cryptocurrencies: Bitcoin, Bitcoin Cash, Litecoin, Ethereum

Overall, this firm offers more than 175 assets available for trading.

Payment Methods

My Funded FX does not support many options for payments and withdrawal, which is disappointing. Payment options available on the firm:

  • Credit/Debit Cards (Visa, Mastercard, Discover)
  • Cryptocurrencies

As we discussed, it doesn't even support bank transfers, which is a common method among brokers and platforms.

Commission and Fees

In this section of the My Funded FX review, we will discuss the commission structure at the firm. My Funded FX keeps costs at a reasonable level. You can see the details at the list below:

  • Trading Commissions: $3-6 per standard lot for Forex and Commodities
  • Indices and Cryptocurrencies: $0 commissions
  • Withdrawal Fees: May vary depending on the chosen withdrawal method

Educational Resources and Materials

My Funded FX understands the importance of continuous learning in the trading world. They provide a range of educational resources to help traders improve their skills and increase their chances of success:

  • Educational blog: In-depth articles on trading strategies and market analysis
  • Video Tutorials: Step-by-step guides on platform usage and trading techniques
  • FAQ Section: Comprehensive answers to common questions about the program

However, these resources are not vast and deep enough compared to some of the competitors.

Trust Scores (TrustPilot)

Trust and reputation are crucial factors when choosing a prop firm. Let's look at how My Funded FX fares in terms of trust scores on Trustpilot as a reliable website:

My Funded FX score on Trustpilot
My Funded FX users have given a high score to the firm on trustpilot
  • Overall Rating: 4.2 out of 5 stars
  • Number of Reviews: Over 1,600
  • Key Praises: Fast payouts, transparent policies, helpful customer support
  • Concerns: Some traders have expressed worries about recent changes to consistency rules

While My Funded FX is a relatively new company, established in 2022, they have quickly built a positive reputation in the industry. The high Trustpilot score suggests that many traders have had good experiences with the firm.

Support and Customer Services

Quality customer support is essential for any prop firm. Unfortunately, My Funded FX does not have a specific section for support on its website, and it is a significant drawback. The only option for contacting the team is through the live chat button on the website. However, Response Time is generally quick, with many traders praising the responsiveness of the support team. Also, a decent FAQ section is available on the website.

Social Media Channels

My Funded FX maintains an active presence on various social media platforms to engage with their trader community and share important updates. Here is a list of this firm's social media channels and pages:

  • Twitter
  • Facebook
  • Instagram
  • TikTok
  • YouTube
  • Telegram
  • Discord

Following My Funded FX on these platforms can help traders stay informed about the latest news, promotions, and educational opportunities offered by the firm.

Expert Suggestions

My Funded FX may seem like it could be more credible as a prop firm with a short history since 2022, but its score of 4.2 out of 5 on Trustpilot indicates user satisfaction. In addition, the possibility of trading Crypto and Indices without commission and maximum leverage of 1:100 are the positive points of this firm. However, we must also mention the limited payment options and its relatively low profit split of 80% as its weaknesses. Nevertheless, some people will go for My Funded FX because of the low minimum price of $38 and other features.

FAQs
Is My Funded FX legit?

Yes, My Funded FX is a legitimate prop firm with positive reviews and a growing reputation in the industry.

How long does it take to get funded with My Funded FX?

The time to get funded varies depending on your performance in the evaluation phase. There's no time limit, so it depends on how quickly you reach the profit targets.

Can I use Expert Advisors (EAs) with My Funded FX?

No, this firm does not allow the usage of Expert Advisors.

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